Vishing Explained: How to Protect Your Business from Voice Phishing Scams

Phishing is a broad term that refers to any attempt to steal money or personal information through a variety of deceptive tactics. Traditionally, phishing was carried out through emails that contained malicious links or attachments, trying to trick you into clicking something harmful.

However, as technology has evolved, businesses have improved their email security so scammers and criminals have had to shift their focus to voice channels, where emotional manipulation can be much more effective.

Vishing involves fraudulent phone calls designed to steal sensitive information or money. Unlike traditional phishing, which primarily relies on email, vishing takes advantage of our natural trust in phone conversations. These deceptive calls might come from real people or pre-recorded robocalls, to trick you into sharing confidential details.

Vishing plays on human emotions like fear, sympathy, and greed. The goal is to steal security information for large-scale cyberattacks or to target vulnerable employees who may hold the keys to a company’s sensitive data.

They use clever methods to make their attacks seem legitimate, including:

•         Spoofing trusted phone numbers to appear as though the call is coming from a legitimate organisation.
•         Impersonating call centre agents or authority figures like government officials or bank representatives.
•         Using personal information they’ve already gathered to create a sense of trust and credibility.
•         Creating a sense of urgency, pressuring you to act quickly without thinking.
•         Using Voice over Internet Protocol (VoIP) technology to hide their true location.
•         Robocall technology to launch attacks at scale, hitting multiple targets in a short time.

How Vishing Works: A Step-by-Step Breakdown

Many people believe that they won’t fall victim to vishing scams, thinking they can easily spot a fraudulent call. However, vishing scams are surprisingly sophisticated, making use of advanced technology and clever psychological manipulation.

These scammers know exactly how to exploit human vulnerabilities and bypass traditional security defences, making them a major threat to businesses everywhere.

The Technology Behind the Scam

Vishing relies heavily on advanced technology to help attackers disguise themselves and reach victims. One key tool in a vishing attack today is Voice over Internet Protocol (VoIP) technology. This lets attackers make phone calls over the Internet instead of through traditional phone lines.

• Fake phone numbers: Attackers can generate thousands of fake numbers, making it difficult to track them.
• Global reach: They can place calls from anywhere in the world while making it appear local to the victim.
• Scalability: VoIP allows them to scale their operations quickly and economically.
• Bypassing telecom security: These calls often slip past regular telecom security measures, making it harder to detect them.

Additionally, voice-changing tools have become much more advanced. Many vishers now use programs that can hide their voices and even change geographical accents. These tools can even make callers sound like a different gender, making it nearly impossible to identify them over the phone.

One of the more alarming developments in vishing is the rise of AI-generated voice cloning. Attackers can now clone someone’s voice with incredible accuracy with just 10-15 seconds of audio. With this, they can easily deceive employees into sharing sensitive information, thinking they’re speaking with a trusted colleague or organisation.

Common Tactics and Scripts Used by Vishing Attackers

However, vishers don’t just rely on technology. The technology is only the means of access, and there are several other steps taken to execute the attack.

1.       The scammer collects personal details, social media activity, and organisational connections to build a profile of the target.
2.       With this information, they develop strategies that are designed to sound plausible and believable.
3.       By referencing things they know about the victim or pretending to be a trusted entity, the attacker gains credibility.
4.       Scammers create high-pressure situations, pushing the victim to make quick decisions without thinking it through.
5.       The scammer manipulates the victim into sharing sensitive information like passwords or financial details.
6.       The attacker uses the stolen data for fraud or to gain unauthorised access to systems.

Tactics That Make Vishing Dangerous

One of the primary reasons vishing is so effective is the use of impersonation tactics. Common roles that vishers impersonate include bank representatives, government workers, law enforcement, or tech support teams. By impersonating these trusted entities, scammers take advantage of authority bias, where people are more likely to comply with requests from perceived figures of authority.

•         Fear: A scammer may claim your bank account has been compromised, urging you to provide sensitive information to prevent further fraud. This fear of financial loss can lead individuals to make rushed decisions without considering the potential scam.
•         Panic: Some attackers will create a sense of panic by saying there’s been an unauthorised transaction or a security breach that requires immediate action to “resolve” the problem. In the rush to act, victims often forget to verify the legitimacy of the call.
•         Guilt: Vishers often make it sound that they have made every effort to help you with your “problem” and have only now been able to reach you. This tactic induces a sense of responsibility, compelling individuals to respond to what they believe is a critical issue.
•         Quid pro quo: Offering a “free” service, like IT help, in exchange for sensitive credentials.

Real-World Vishing Scam Examples

Vishing has devastating consequences. One notable example occurred in the summer of 2020, when Twitter became the target of a highly coordinated vishing attack.

Attackers impersonated trusted figures and called Twitter’s tech support and consumer services employees, telling them that their password needed to be changed. Several employees followed these instructions, unknowingly giving attackers access to sensitive credentials, including usernames, passwords, and multi-factor authentication (MFA) codes from high-profile accounts.

Who’s Being Targeted & Why Your Business Is at Risk

Vishing scams can happen to any business, but certain sectors and roles are more at risk due to their access to valuable data or critical systems.

Financial institutions, such as banks, credit unions, and investment firms, are prime targets because they deal with large sums of money and sensitive financial information. The financial sector faces 300% more cyberattacks than others, making it especially susceptible to vishing attempts. Healthcare organisations are also common targets as medical information is often sold on the dark web.

Retail businesses, especially those with large customer service teams, have their vulnerabilities. These organisations handle countless payments daily and often hire seasonal or temporary workers who might get less security training. So, during peak shopping seasons, when staff may feel overwhelmed, these businesses are often targeted by vishers exploiting these vulnerabilities.

Roles Commonly Targeted

While any business can be targeted, certain roles within an organisation are more likely to be singled out, often focusing on employees with access to sensitive company data or systems or who have had less security training and education.

•         IT administrators are high-value targets as they control access to critical systems, and a successful vishing attack could compromise an entire network.
•         C-suite executives and financial decision-makers are targeted in “whale phishing” attacks, where attackers use detailed research to impersonate trusted figures and gain approval for large financial transfers.
•         Customer service representatives, especially those handling accounts, are vulnerable due to their helpful nature and the pressure to resolve issues quickly, which can lead to bypassing proper verification.

Small Businesses vs Large Enterprises

When it comes to vishing scams, no business is safe. Large enterprises offer big rewards for attackers as large businesses handle a higher volume of transactions, providing more cover for fraudulent activities to blend in with legitimate ones. Additionally, their complex structures create more opportunities for impersonation, as employees in different departments may not know each other personally.

But, while large enterprises may have more resources and information to steal, small businesses are just as likely to be targeted by vishing attacks. SMBs are often seen as easier targets because they typically invest less in cybersecurity training and infrastructure and may lack the expertise to spot sophisticated vishing attempts, unlike larger corporations with dedicated security teams.

Protecting Your Business From Vishing Scams

With the rise of vishing scams, a strong security culture and robust protection strategy is essential for businesses of all sizes.

Employee Education & Awareness

Employee training is the foundation of a solid defence against vishing attacks. It’s crucial to run security awareness sessions focused on voice phishing tactics, common vishing scripts, and common warning signs. These efforts can make a significant difference, as most breaches start with someone unknowingly downloading malicious content or clicking on a harmful link.

It is important to encourage staff to always verify caller identities through official channels, as vishers can easily spoof caller IDs. Asking unexpected questions that only legitimate callers would know also adds an extra layer of security.

Implement Multi-Factor Authentication (MFA)

Multi-factor authentication (MFA) is an essential tool to defend against credential theft. Multi-factor authentication involves using two pieces of information to access an account or system – typically a password and a one-time code sent to a separate device. Since a majority of data breaches involve compromised login details, implementing MFA can significantly reduce the risk by ensuring that even if a password is stolen, unauthorized users still cannot access sensitive information without the second layer of verification.

Secure & Harden Your Telephone Systems

Employee education and awareness are essential in spotting the signs of scams, but your phone system also needs dedicated attention in your overall security strategy as well. Implementing call monitoring systems can detect and block suspicious calls, your phone provider can filter out scam calls before they reach your team.

Create clear rules for sharing information over the phone, especially for high-risk departments like finance and HR. These teams should use callback verification, ensuring that any suspicious calls are ended, and staff members reach out through the organisation’s published contact numbers.

Continuous Monitoring

A robust security system is not only implemented but also requires ongoing monitoring to ensure that it remains strong. Regularly monitoring your systems and communication channels can help identify suspicious activities early, such as unusual login attempts, password reset requests, or unauthorised changes to access levels, before they can cause any damage.  

Encourage your team to report any suspicious calls or emails immediately, noting any phone numbers or specific information requested. This real-time reporting can help identify new attack patterns and adjust your defences accordingly.

Staying Up To Date With Latest Security Trends

Scams and cyberattacks are always evolving. What is common this year won’t always stay the same, so it is important to be aware of any new and emerging cybersecurity attacks and trends.

Steps to Take If Your Business Has Experienced Vishing

Vishing is inevitable. There will come a time when your business may face an attempted attack. The best way to respond is to have a clear plan in place:

•         Do Not Engage: At the moment you realise it’s a vishing attempt, stop all communication. Do not engage with the caller in any further conversation. The goal of vishers is to manipulate you into taking action quickly, so refraining from any engagement is the first defence.
•         Do Not Provide Information: Never provide sensitive information such as passwords, account details, or personal information over the phone. If any information was already shared, take immediate action to secure any accounts that could be affected.
•         Verify the Caller: End the call and independently verify the caller’s identity. Call the company or organisation they claim to represent using the contact details listed on their official website or through a trusted directory. Don’t rely on any contact information provided during the vishing call itself.
•         Report the Incident: Inform your internal security team, IT department, or any relevant staff members about the incident. Document details such as the caller’s phone number, any information they requested, and the date and time of the call. The sooner this is reported, the better your team can investigate and minimise any potential risk.
•         Monitor Systems and Infrastructure: Once an attempt has been identified, it is important to monitor your systems closely for unusual activity. Keep an eye out for unauthorised account logins, password resets, or any other changes to your infrastructure. This can help identify if any information was compromised or if a breach has occurred.
•         Update Security: Take immediate steps to reinforce your security systems and strategies. Change passwords, implement or strengthen multi-factor authentication, and provide refresher training on vishing tactics for your employees. Conduct a security audit to ensure there are no existing vulnerabilities, and review policies for handling sensitive information to prevent future risks.

How Managed IT Services Can Help

As the threat of vishing continues to grow, IT security doesn’t have to be done alone. Businesses can safeguard themselves by partnering with a Managed IT Service Provider (MSP), like CRT Network Solutions. These specialised services provide the IT security expertise many companies may not have in-house, helping defend against voice phishing scams.

In-house security can be expensive, especially for SMBs. There are a lot of tools, systems and even staff that is needed to ensure a robust security infrastructure. MSPs, on the other hand, have all of this already, meaning you can leverage their resources without the high costs of building and maintaining an in-house security team. This allows your business to access top-tier protection at a fraction of the cost.

MSPs also specialise in understanding and preventing vishing attacks. They stay on top of the latest security trends, technologies, and regulatory requirements, ensuring that your business is always one step ahead. They also can spot vulnerabilities that small and medium businesses might overlook, including subtle signs of vishing or phishing attempts targeting your industry.

Other benefits include:

•         24/7 Monitoring & Alerts
•         Access to Advanced Security Tools
•         Automated Patching & Updates
•         Adaptable Solutions
•         Complete Reporting